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Technical Analysis of EUR/JPY for March 25, 2016

Technical Analysis of EUR/JPY for March 25, 2016

General overview for 25/03/2016:

The market has finally broken out above the Wave b green top at the level of 1.2526, but it wasn't strong enough to continue higher. Nevertheless, the immediate upward reaction from the wave (ii) bottom looks impulsive in nature and might be the beginning of a new upward impulsive wave progression. Nevertheless, the Alternative Count suggests that the correction might be complex and time-consuming, but it cannot violate the 123.07 level. If it does, the alternative count will be in play, which suggests more downward wave progression towards the 122.06 level.

Support/Resistance:

127.98 - WR2

127.26 - Technical Resistance

126.76 - WR1

126.45 - Intraday Resistance

125.39 - Weekly Pivot

125.58 - Intraday Resistance

124.90 - Intraday Support

124.82 - WS1

124.67 - Intraday Support

123.07 - Green Impulsive Cycle Invalidation Level

121.87 - WS2

Trading recommendations:



This post first appeared on Trading Blogs And Financial Markets Analysis, please read the originial post: here

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Technical Analysis of EUR/JPY for March 25, 2016

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